学原理微观第五版测试题库曼昆经济学原理第五版测试题库

Chapter4

TheMarketForcesofSupplyandDemand

TRUE/FALSE

1.Pricesallocateamarketeconomy,sscarceresources.

ANS：TDIF：1REF：4-0

NAT：AnalyticLOC：Markets,marketfailure,andexternalities

TOP：MarketeconomiesMSC：Definitional

2.Inamarketeconomy,supplyanddemanddetermineboththequantityofeachgoodproducedand

thepriceatwhichitissold.

ANS：TDIF：1REF：4-0

NAT：AnalyticLOC：Markets,marketfailure,andexternalities

TOP：MarketeconomiesMSC：Definitional

3.Amarketisagroupofbuyersandsellersofaparticulargoodorservice.

ANS：TDIF：1REF：4-1

NAT：AnalyticLOC：Markets,marketfailure,andexternalities

TOP：MarketsMSC：Definitional

4.Seilersasagroupdeterminethedemandforaproduct,andbuyersasagroupdeterminethe

supplyofaproduct.

ANS：FDIF：1REF：4-1

NAT：AnalyticLOC：SupplyanddemandTOP：DemandSupply

MSC：Definitional

5.Ayardsaleisanexampleofamarket.

ANS：TDIF：2REF：4-1

NAT：AnalyticLOC：Markets,marketfailure,andexternalities

TOP：MarketsMSC：Applicative

6.Anewspaperysclassifiedadsareanexampleofamarket.

ANS：TDIF：2REF：4-1

NAT：AnalyticLOC：Markets,marketfailure,andexternalities

TOP：MarketsMSC：Applicative

7.Mostmarketsintheeconomyarehighlycompetitive.

ANS：TDIF：1REF：4-1

NAT：AnalyticLOC：Markets,marketfailure,andexternalities

TOP：MarketsMSC：Definitional

8.Inacompetitivemarket,thequantityofeachgoodproducedandthepriceatwhichitissold

arenotdeterminedbyanysinglebuyerorseller.

ANS：TDIF：1REF：4-1

NAT：AnalyticLOC：Markets,marketfailure,andexternalities

TOP：CompetitivemarketsMSC：Definitional

9.Inacompetitivemarket,therearesofewbuyersandsofewsellersthateachhasasignificant

impactonthemarketprice.

ANS：FDIF：1REF：4-1

NAT：AnalyticLOC：Markets,marketfailure,andexternalities

TOP：CompetitivemarketsMSC：Definitional

10.Inaperfectlycompetitivemarket,thegoodsofferedforsaleareallexactlythesame.

ANS：TDIF：1REF：4-1

NAT：AnalyticLOC：PerfectcompetitionTOP：Perfectcompetition

MSC：Definitional

11.Inaperfectlycompetitivemarket,buyersandseilersarepricesetters.

ANS：FDIF：1REF：4-1

NAT：AnalyticLOC：PerfectcompetitionTOP：Perfectcompetition

MSC：Definitional

12.Allgoodsandservicesaresoldinperfectlycompetitivemarkets.

ANS：FDIF：1REF：4-1

NAT：AnalyticLOC：PerfectcompetitionTOP：Perfectcompetition

MSC：Definitional

13.Ifagoodorservicehasonlyoneseller,thentheselleriscalledamonopoly.

ANS：TDIF：1REF：4-1

NAT：AnalyticLOC：MonopolyTOP：MonopolyMSC：Definitional

14.Monopolistsarepricetakers.

ANS：FDIF：2REF：4-1

NAT：AnalyticLOC：MonopolyTOP：MonopolyMSC：Interpretive

15.LocalcableTVcompaniesfrequentlyaremonopolists.

ANS：TDIF：1REF：4-1

NAT：AnalyticLOC：MonopolyTOP：MonopolyMSC：Definitional

16.Thequantitydemandedofaproductistheamountthatbuyersarewillingandabletopurchase

ataparticularprice.

ANS：TDIF：1REF：4-2

NAT：AnalyticLOC：SupplyanddemandTOP：Quantitydemanded

MSC：Definitional

17.Thelawofdemandistrueformostgoodsintheeconomy.

ANS：TDIF：1REF：4-2

NAT：AnalyticLOC：SupplyanddemandTOP：Lawofdemand

MSC：Definitional

18.Thelawofdemandstatesthat,otherthingsequal,whenthepriceofagoodrises,thequantity

demandedofthegoodrises,andwhenthepricefalls,thequantitydemandedfal1s.

ANS：FDIF：1REF：4-2

NAT：AnalyticLOC：SupplyanddemandTOP：Lawofdemand

MSC：Definitional

19.Thedemandcurveistheupward-slopinglinerelatingpriceandquantitydemanded.

ANS：FDIF：1REF：4-2

NAT：AnalyticLOC：SupplyanddemandTOP：Demandcurve

MSC：Definitional

20.Individualdemandcurvesaresummedhorizontallytoobtainthemarketdemandcurve.

ANS：TDIF：1REF：4-2

NAT：AnalyticLOC：SupplyanddemandTOP：Marketdemandcurve

MSC：Definitional

21.Themarketdemandcurveshowshowthetotalquantitydemandedofagoodvariesastheincome

ofbuyersvaries,whileal1theotherfactorsthataffecthowmuchconsumerswanttobuyare

heldconstant.

ANS：FDIF：1REF：4-2

NAT：AnalyticLOC：SupplyanddemandTOP：Marketdemandcurve

MSC：Definitional

22.Ifsomethinghappenstoalterthequantitydemandedatanygivenprice,thenthedemandcurve

shifts.

ANS：TDIF：1REF：4-2

NAT：AnalyticLOC：SupplyanddemandTOP：Demandcurve

MSC：Definitional

23.Amovementupwardandtotheleftalongagivendemandcurveiscalledadecreaseindemand..

ANS：FDIF：2REF：4-2

NAT：AnalyticLOC：SupplyanddemandTOP：Demandcurve

MSC：Interpretive

24.Anincreaseindemandshiftsthedemandcurvetotheleft.

ANS：FDIF：1REF：4-2

NAT：AnalyticLOC：SupplyanddemandTOP：Demandcurve

MSC：Definitional

25.Ifthedemandforagoodfallswhenincomefalls,thenthegoodiscalledaninferiorgood.

ANS：FDIF：1REF：4-2

NAT：AnalyticLOC：SupplyanddemandTOP：Normalgoods

MSC：Definitional

26.WhenMario*sincomedecreases,hebuysmorepasta.ForMario,pastaisanormalgood.

ANS：FDIF：2REF：4-2

NAT：AnalyticLOC：SupplyanddemandTOP：Inferiorgoods

MSC：Applicative

27.Adecreaseinincomewillshiftthedemandcurveforaninferiorgoodtotheright.

ANS：TDIF：2REF：4-2

NAT：AnalyticLOC：SupplyanddemandTOP：Inferiorgoods

MSC：Interpretive

28.Anincreaseinthepriceofasubstitutegoodwillshiftthedemandcurveforagoodtothe

right.

ANS：TDIF：2REF：4-2

NAT：AnalyticLOC：SupplyanddemandTOP：Substitutes

MSC：Interpretive

29.Baseballsandbaseballbatsaresubstitutegoods.

ANS：FDIF：2REF：4-2

NAT：AnalyticLOC：SupplyanddemandTOP：Complements

MSC：Applicative

30.Adecreaseinthepriceofacomplementwillshiftthedemandcurveforagoodtotheleft.

ANS：FDIF：2REF：4-2

NAT：AnalyticLOC：SupplyanddemandTOP：Complements

MSC：Interpretive

31.Whenanincreaseinthepriceofonegoodlowersthedemandforanothergood,thetwogoods

arecalledcomplements.

ANS：TDIF：1REF：4-2

NAT：AnalyticLOC：SupplyanddemandTOP：Complements

MSC：Definitional

32.Cocoaandmarshmallowsarecomplements,soadecreaseinthepriceofcocoawillcausean

increaseinthedemandformarshmallows.

ANS：TDIF：2REF：4-2

NAT：AnalyticLOC：SupplyanddemandTOP：Complements

MSC：Applicative

33.Ifapersonexpectsthepriceofsockstoincreasenextmonth,thenthatpersonJscurrent

demandforsockswillincrease.

ANS：TDIF：2REF：4-2

NAT：AnalyticLOC：SupplyanddemandTOP：Expectations

MSC：Applicative

34.Adecreaseinthepriceofaproductandanincreaseinthenumberofbuyersinthemarket

affectthedemandcurveinthesamegeneralway.

ANS：FDIF：2REF：4-2

NAT：AnalyticLOC：SupplyanddemandTOP：Demandcurve

MSC：Interpretive

35.Wheneveradeterminantofdemandotherthanpricechanges,thedemandcurveshifts.

ANS：TDIF：2REF：4-2

NAT：AnalyticLOC：SupplyanddemandTOP：Demandcurve

MSC：Interpretive

36.Anincreaseinthepriceofpizzawillshiftthedemandcurveforpizzatotheleft.

ANS：FDIF：2REF：4-2

NAT：AnalyticLOC：SupplyanddemandTOP：Demandcurve

MSC：Applicative

37.Publicserviceannouncements,mandatoryhealthwarningsoncigarettepackages,andthe

prohibitionofcigaretteadvertisingontelevisionareallpoliciesaimedatshiftingthe

demandcurveforcigarettestotheright.

ANS：FDIF：2REF：4-2

NAT：AnalyticLOC：SupplyanddemandTOP：Demandcurve

MSC：Applicative

38.Moststudieshavefoundthattobaccoandmarijuanaarecomplementsratherthansubstitutes.

ANS：TDIF：2REF：4-2

NAT：AnalyticLOC：SupplyanddemandTOP：Complements

MSC：Applicative

39.Thequantitysuppliedofagoodorserviceistheamountthatsellersarewillingandable

tosellataparticularprice.

ANS：TDIF：1REF：4-3

NAT：AnalyticLOC：SupplyanddemandTOP：Quantitysupplied

MSC：Definitional

40.Whenthepriceofagoodishigh,sellingthegoodisprofitable,andsothequantitysupplied

islarge.

ANS：TDIF：1REF：4-3

NAT：AnalyticLOC：SupplyanddemandTOP：Lawofsupply

MSC：Definitional

41.Whenthepriceofagoodislow,sellingthegoodisprofitable,andsothequantitysupplied

islarge.

ANS：FDIF：1REF：4-3

NAT：AnalyticLOC：SupplyanddemandTOP：Lawofsupply

MSC：Definitional

42.Pricecannotfallsolowthatsomesellerschoosetosupplyaquantityofzero.

ANS：FDIF：2REF：4-3

NAT：AnalyticLOC：SupplyanddemandTOP：Quantitysupplied

MSC：Interpretive

43.Thelawofsupplystatesthat,otherthingsequal,whenthepriceofagoodrises,thequantity

suppliedofthegoodfalls.

ANS：FDIF：1REF：4-3

NAT：AnalyticLOC：SupplyanddemandTOP：Lawofsupply

MSC：Definitional

44.Thelawofsupplystatesthat,otherthingsequal,whenthepriceofagoodfalIs,thequantity

suppliedfallsaswell.

ANS：TDIF：1REF：4-3

NAT：AnalyticLOC：SupplyanddemandTOP：Lawofsupply

MSC：Definitional

45.Ifahigherpricemeansagreaterquantitysupplied,thenthesupplycurveslopesupward.

ANS：TDIF：1REF：4-3

NAT：AnalyticLOC：SupplyanddemandTOP：Supplycurve

MSC：Definitional

46.Individualsupplycurvesaresummedverticallytoobtainthemarketsupplycurve.

ANS：FDIF：1REF：4-3

NAT：AnalyticLOC：SupplyanddemandTOP：Marketsupplycurve

MSC：Definitional

47.Themarketsupplycurveshowshowthetotalquantitysuppliedofagoodvariesasinputprices

vary,holdingconstantalltheotherfactorsthatinfluenceproducers?decisionsabouthow

muchtosell.

ANS：FDIF：1REF：4-3

NAT：AnalyticLOC：SupplyanddemandTOP：Marketsupplycurve

MSC：Definitional

48.Ifsomethinghappenstoalterthequantitysuppliedatanygivenprice,thenwemovealong

thefixedsupplycurvetoanewquantitysupplied.

ANS：FDIF：2REF：4-3

NAT：AnalyticLOC：SupplyanddemandTOP：Supplycurve

MSC：Interpretive

49.Amovementalongasupplycurveiscalledachangeinsupplywhileashiftofthesupplycurve

iscalledachangeinquantitysupplied.

ANS：FDIF：2REF：4-3

NAT：AnalyticLOC：SupplyanddemandTOP：SupplyQuantitysupplied

MSC：Interpretive

50.Adecreaseinsupplyshiftsthesupplycurvetotheleft.

ANS：TDIF：1REF：4-3

NAT：AnalyticLOC：SupplyanddemandTOP：Supplycurve

MSC：Definitional

51.Areductioninaninputpricewillcauseachangeinquantitysupplied,butnotachangein

supply.

ANS：FDIF：2REF：4-3

NAT：AnalyticLOC：SupplyanddemandTOP：Inputprices

MSC：Interpretive

52.Anincreaseinthepriceofinkwillshiftthesupplycurveforpenstotheleft.

ANS：TDIF：2REF：4-3

NAT：AnalyticLOC：SupplyanddemandTOP：Inputprices

MSC：Applicative

53.Ifthereisanimprovementinthetechnologyusedtoproduceagood,thenthesupplycurve

forthatgoodwillshifttotheleft.

ANS：FDIF：2REF：4-3

NAT：AnalyticLOC：SupplyanddemandTOP：Technology

MSC：Interpretive

54.Advancesinproductiontechnologytypicallyreducefirms'costs.

ANS：TDIF：2REF：4-3

NAT：AnalyticLOC：SupplyanddemandTOP：Technology

MSC：Interpretive

55.Ifacompanymakingfrozenorangejuiceexpectsthepriceofitsproducttobehighernext

month,itwillsupplymoretothemarketthismonth.

ANS：FDIF：2REF：4-3

NAT：AnalyticLOC：SupplyanddemandTOP：Expectations

MSC：Applicative

56.Whenasellerexpectsthepriceofitsproducttodecreaseinthefuture,theseller'ssupply

curveshiftsleftnow.

ANS：FDIF：2REF：4-3

NAT：AnalyticLOC：SupplyanddemandTOP：Expectations

MSC：Interpretive

57.Anincreaseinthepriceofaproductandanincreaseinthenumberofsellersinthemarket

affectthesupplycurveinthesamegeneralway.

ANS：FDIF：2REF：4-3

NAT：AnalyticLOC：SupplyanddemandTOP：Supplycurve

MSC：Interpretive

58.Wheneveradeterminantofsupplyotherthanpricechanges,thesupplycurveshifts.

ANS：TDIF：2REF：4-3

NAT：AnalyticLOC：SupplyanddemandTOP：Supplycurve

MSC：Interpretive

59.Adecreaseinthepriceofpizzawillshiftthesupplycurveforpizzatotheleft.

ANS：FDIF：2REF：4-3

NAT：AnalyticLOC：SupplyanddemandTOP：Supplycurve

MSC：Applicative

60.Supplyanddemandtogetherdeterminethepriceandquantityofagoodsoldinamarket.

ANS：TDIF：1REF：4-4

NAT：AnalyticLOC：SupplyanddemandTOP：Equilibrium

MSC：Definitional

61.Amarket*sequilibriumisthepointatwhichthesupplyanddemandcurvesintersect.

ANS：TDIF：1REF：4-4

NAT：AnalyticLOC：SupplyanddemandTOP：Equilibrium

MSC：Definitional

62.Attheequilibriumprice,quantitydemandedisequaltoquantitysupplied.

ANS：TDIF：1REF：4-4

NAT：AnalyticLOC：EquilibriumTOP：EquilibriumMSC：Definitional

63.Theequilibriumpriceisthesameasthemarket-c1earingprice.

ANS：TDIF：1REF：4-4

NAT：AnalyticLOC：EquilibriumTOP：EquilibriumMSC：Definitional

64.Attheequilibriumprice,buyershaveboughtal1theywanttobuy,butsellershavenotsold

alltheywanttosell.

ANS：FDIF：1REF：4-4

NAT：AnalyticLOC：EquilibriumTOP：EquilibriumMSC：Definitional

65.Theactionsofbuyersandsellersnaturallymovemarketstowardequilibrium.

ANS：TDIF：1REF：4-4

NAT：AnalyticLOC：EquilibriumTOP：EquilibriumMSC：Definitional

66.Whenthemarketpriceisabovetheequilibriumprice,thequantityofthegooddemandedexceeds

thequantitysupplled.

ANS：FDIF：1REF：4-4

NAT：AnalyticLOC：EquilibriumTOP：EquilibriumMSC：Definitional

67.Whenthemarketpriceisabovetheequilibriumprice,suppliersareunabletosellallthey

wanttosell.

ANS：TDIF：1REF：4-4

NAT：AnalyticLOC：EquilibriumTOP：EquilibriumMSC：Definitional

68.Asurplusisthesameasanexcessdemand.

ANS：FDIF：1REF：4-4

NAT：AnalyticLOC：SupplyanddemandTOP：Surplus

MSC：Definitional

69.Sellersrespondtoasurplusbycuttingtheirprices.

ANS：TDIF：1REF：4-4

NAT：AnalyticLOC：SupplyanddemandTOP：Surplus

MSC：Definitional

70.Pricewi11risetoeliminateasurplus.

ANS：FDIF：2REF：4-4

NAT：AnalyticLOC：EquilibriumTOP：SurplusMSC：Interpretive

71.Whenquantitysuppliedexceedsquantitydemandedatthecurrentmarketprice,themarkethas

asurplusandmarketpricewill1ikelyriseinthefuturetoeliminatethesurplus.

ANS：FDIF：2REF：4-4

NAT：AnalyticLOC：EquilibriumTOP：SurplusMSC：Interpretive

72.Whenthemarketpriceisbelowtheequilibriumprice,thequantityofthegooddemandedexceeds

thequantitysupplied.

ANS：TDIF：1REF：4-4

NAT：AnalyticLOC：EquilibriumTOP：EquilibriumMSC：Definitional

73.Whenthemarketpriceisbelowtheequilibriumprice,suppliersareunabletosellallthey

wanttosell.

ANS：FDIF：1REF：4-4

NAT：AnalyticLOC：EquilibriumTOP：EquilibriumMSC：Definitional

74.Ashortageisthesameasanexcessdemand.

ANS：TDIF：1REF：4-4

NAT：AnalyticLOC：SupplyanddemandTOP：Shortage

MSC：Definitional

75.Seilersrespondtoashortagebycuttingtheirprices.

ANS：FDIF：1REF：4-4

NAT：AnalyticLOC：SupplyanddemandTOP：Shortage

MSC：Definitional

76.Pricewillrisetoeliminateashortage.

ANS：TDIF：2REF：4-4

NAT：AnalyticLOC：EquilibriumTOP：ShortageMSC：Interpretive

77.Whenquantitydemandedexceedsquantitysuppliedatthecurrentmarketprice,themarkethas

ashortageandmarketpricewilllikelyriseinthefuturetoeliminatetheshortage.

ANS：TDIF：2REF：4-4

NAT：AnalyticLOC：EquilibriumTOP：ShortageMSC：Interpretive

78.Surplusesdrivepriceupwhileshortagesdrivepricedown.

ANS：FDIF：2REF：4-4

NAT：AnalyticLOC：EquilibriumTOP：ShortageSurplus

MSC：Interpretive

79.Ashortagewi11occuratanypricebelowequilibriumpriceandasurpluswi11occuratany

priceaboveequilibriumprice.

ANS：TDIF：2REF：4-4

NAT：AnalyticLOC：EquilibriumTOP：ShortageSurplus

MSC：Interpretive

80.Inamarket,thepriceofanygoodadjustsuntilquantitydemandedequalsquantitysupplied.

ANS：TDIF：2REF：4-4

NAT：AnalyticLOC：EquilibriumTOP：EquilibriumMSC：Interpretive

81.Whenasupplycurveorademandcurveshifts,theequilibriumpriceandequilibriumquantity

change.

ANS：TDIF：1REF：4-4

NAT：AnalyticLOC：EquilibriumTOP：EquilibriumMSC：Definitional

82.Demandreferstotheamountbuyerswishtobuy,whereasthequantitydemandedreferstothe

positionofthedemandcurve.

ANS：FDIF：1REF：4-4

NAT：AnalyticLOC：Supplyanddemand

TOP：DemandQuantitydemandedMSC：Definitional

83.Supplyreferstothepositionofthesupplycurve,whereasthequantitysuppliedrefersto

theamountsupplierswishtosell.

ANS：TDIF：1REF：4-4

NAT：AnalyticLOC：SupplyanddemandTOP：Supply1Quantitysupplied

MSC：Definitional

84.Itisnotpossiblefordemandandsupplytoshiftatthesametime.

ANS：FDIF：2REF：4-4

NAT：AnalyticLOC：SupplyanddemandTOP：SupplyDemand

MSC：Interpretive

85.Adecreaseindemandwillcauseadecreaseinprice,whichwi11causeadecreaseinsupply.

ANS：FDIF：2REF：4-4

NAT：AnalyticLOC：SupplyanddemandTOP：Equilibrium

MSC：Interpretive

86.Anincreaseindemandwillcauseanincreaseinprice,whichwillcauseanincreaseinquantity

supplied.

ANS：TDIF：2REF：4-4

NAT：AnalyticLOC：SupplyanddemandTOP：Equilibrium

MSC：Interpretive

87.Anincreaseinsupplywillcauseadecreaseinprice,whichwillcauseanincreaseindemand.

ANS：FDIF：2REF：4-4

NAT：AnalyticLOC：SupplyanddemandTOP：Equilibrium

MSC：Interpretive

88.Adecreaseinsupplywillcauseanincreaseinprice,whichwillcauseadecreaseinquantity

demanded.

ANS：TDIF：2REF：4-4

NAT：AnalyticLOC：SupplyanddemandTOP：Equilibrium

MSC：Interpretive

89.Inamarketeconomy,pricesarethesignalsthatguidetheallocationofscarceresources.

ANS：TDIF：1REF：4-5

NAT：AnalyticLOC：Markets,marketfailure,andexternalities

TOP：MarketeconomiesMSC：Definitional

SHORTANSWER

a.Whatisthedifferencebetweena"changeindemandHandar,changeinquantitydemanded?n

Graphyouranswer.

b.Foreachofthefollowingchanges,determinewhethertherewillbeachangeinquantity

demandedorachangeindemand.

i.achangeinthepriceofarelatedgood

ii.achangeintastes

iii.achangeinthenumberofbuyers

iv.achangeinprice

v.achangeinconsumerexpectations

vi.achangeinincome

ANS：

a.Achangeindemandreferstoashiftofthedemandcurve.Achangeinquantitydemanded

referstoamovementalongafixeddemandcurve.

b.Achangeinpricecausesachangeinquantitydemanded.Alloftheotherchanges

listedshiftthedemandcurve.

Achangeinquantitydemanded

DIF：2REF：4-2NAT：Analytic

LOC：SupplyanddemandTOP：Demand|Quantitydemanded

MSC：Interpretive

2.

a.Whatisthedifferencebetweena"changeinsupplywanda'*changeinquantity

supplied?,rGraphyouranswer.

b.Foreachofthefollowingchanges,determinewhethertherewillbeachangein

quantitysuppliedorachangeinsupply.

i.achangeininputcosts

iiachangeinproducerexpectations

iii.achangeinprice

iv.achangeintechnology

v.achangeinthenumberofsellers

ANS：

a.Achangeinsupplyreferstoashiftofthesupplycurve.Achangeinquantity

suppliedreferstoamovementalongafixedsupplycurve.

b.Achangeinpricecausesachangeinquantitysupplied.Alloftheotherchanges

listedshiftthesupplycurve.

DIF：2REF：4-3NAT：Analytic

LOC：SupplyanddemandTOP：SupplyIQuantitysupplied

MSC：Interpretive

3.

a.Giventhetablebelow,graphthedemandandsupplycurvesforflashlights.Make

certaintolabeltheequilibriumpriceandequilibriumquantity.

PriceQuantityDemandedQuantitySupplied

PerMonthPerMonth

$56,000